JPMorgan analyst Samik Chatterjee upgraded Keysight Technologies (KEYS) to Overweight from Neutral with a price target of $200, up from $170. The firm expects a broadening out of the company’s demand drivers along with a cyclical recovery through 2025 in end markets, which have been challenged in 2024. Additionally, greater visibility into closing the Spirent acquisition will provide Keysight greater leverage to a cyclical recovery in the underlying markets in addition to a “strong margin improvement cadence,” the analyst tells investors in a research note. JPMorgan expects Keysight shares to return to trading at the premium valuation multiple it demonstrated ahead of the latest business cycle slowdown.
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